The issue has never been the backend systems at banks -- I've worked with that stuff starting from origination through securitization and on to secondary market trading.
The problem is the customer abuse ("needs list") that is a hallmark of underwriting. There has to be a better way to get all that information from the customer in the vanilla case.
> The issue has never been the backend systems at banks
I find this hard to believe considering the pains we were solving: now quite some time ago. Maybe they have changed.
Excessive burden on mortgage consumers is driven by many aspects.
At it's core is (was if what you say is true) the inability for backend systems to effectively aggregate and verify the necessary context to easily meet regulatory needs.
We were starting to aggregate such data allowing us to automatically verify and then fill out all forms necessary for the mortgage consumer.
The problem is the customer abuse ("needs list") that is a hallmark of underwriting. There has to be a better way to get all that information from the customer in the vanilla case.